Crypto security firm, BitGo is now allowing customers to extend their insurance limit beyond $100 million to suit their needs. The insurance is meant to cover for the loss or destruction of crypto stored in special vaults.
In February last year, the firm came out with a Lloyd’s-backed cold storage insurance product for digital assets, by providing $100 million of cover against theft or the loss of crypto keys. This upgrade is a sign of the continued maturation of the crypto insurance sector.
According to Rodrigo Vicuna, CFO at BitGo, the company has had loss of demand from small to large firms. He claims there have been small exchanges looking for an extra $5 million or $10 million, and others who also request for as high as a couple of $100 million.
The company announced that its first customer for this new policy is Hong Kong-based cryptocurrency exchange, Crypto.com. According to Kris Marszalek, co-founder and CEO of Crypto.com, BitGo has a robust insurance program. He claims BitGo’s insurance elevates the scope of protection for user’s digital assets in the company’s custody. He added that the insurance program provides further assurance to customers that their funds are safe and protected.
BitGo’s excess policy offering is facilitated via insurance broker, Woodruff-Sawyer & co, in collaboration with London-based Paragon Brokers.
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